Fallon has done this by creating sketches like "Lip Sync Battle" -- a segment that pits the host against celebrity guests to see which can best lip sync a song -- which have reached millions of people both on TV and on social media.

The comedian has led "The Tonight Show" to an average 3.8 million viewers in his tenure, which makes "Tonight" the number one show in late night TV, according to the network.

"The success of the 'Tonight Show Starring Jimmy Fallon' has been nothing short of remarkable," Steve Burke, CEO of NBCUniversal said in a statement. "We couldn't be prouder of the show he and his team put on every night and couldn't be happier that he will remain with us at 30 Rock at least through 2021."

The financial arrangements were not released.

The "Tonight Show" host made news in recent weeks when he nearly lost his finger in a kitchen accident.

The injury has forced Fallon to miss a taping and to have to wear a cast on air.